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Sixteen non-obvious ways to save money this summer

'08.06.2021'

Olga Derkach

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In today's world, it is more important than ever to prepare for your future financially. And one of the easiest ways to supplement your budget is to simply cut costs and save more. Edition Your penni saver talked about how easy it is to save.

Photo: Shutterstock

Whatever your circumstances, here you will find things you can use, such as cutting your mortgage bill, saving on utility bills, getting more for your money at the grocery store, and even getting samples of popular items.

1. Stop smoking

This can be frustrating for some people, but it's time to quit smoking. Not only is it dangerous to your health, but it costs you and your family a fortune. Smoking one pack a day costs over $ 2 a year.

There are many ways to quit smoking, but it all comes down to your quest to quit the habit. Come up with a plan and let family and friends help you.

2. Install CFL or CFL lamps where possible

New lighting technologies have really come a long way. Now, although they cost more than traditional incandescent bulbs, CFL and LED bulbs can last for years without having to replace them. You don't even need to replace every light bulb in the house at once. Even replacing four or five of the most commonly used bulbs can save you $ 45 or more per year.

CFL vs CFL

CFLs consume a quarter of the energy of incandescent bulbs and last for years, are the next cheapest option after traditional bulbs. But they also have disadvantages: they take time to warm up to full brightness, and they also contain a small amount of mercury.

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Meanwhile, LEDs are more expensive. However, they are getting cheaper all the time and are the best lighting option: they light up instantly, are efficient like CFLs, emit a warm glow without heating to the touch, and can last for decades.

3. Cancel subscriptions you are not using

Accumulating monthly subscription bills is easier than ever as many products and services offer monthly plans today. But the problem is you register and forget. And save the subscriptions you don't use.

Review your bank and credit card statements and check your subscriptions.

4. Make a shopping list

Have you ever gone to the grocery store when you're hungry and found yourself buying a lot more than you planned? This is called "hungry shopping" and is quite dangerous for the wallet.

Before you go shopping, make a list of the groceries you will need. This way, you only buy what you intend to use, and the amount that will be thrown away due to the expiration date will be kept to a minimum.

5. Buy in bulk

One of the easiest things you can do to start saving right away is buying in bulk. Retailers often offer much better prices on products like paper towels, toilet paper, cleaning supplies, etc. if you buy them in bulk.

This may seem obvious, but we often forget how much money we spend without buying in bulk.

6. Use a debt repayment plan

If your credit card debt is over $ 15, there are debt relief programs that can reduce your debt. Consumers were able to pay off their debts without any loan and repay them at a fast pace. If you've been struggling to pay off your credit card debt, act now before it skyrockets.

7. Take full advantage of tax deductions

Owning a home can be very profitable. Seriously, not only can owning a home give you a cheaper monthly payment than renting, but in many cases, tax breaks make the decision easy.

Here are some major deductions you should definitely make:

The interest you pay on your mortgage. If you own a home and your mortgage does not exceed $ 750, you can deduct the interest paid on the loan. This is one of the biggest advantages of owning a home over renting - you can get huge tax deductions. The cap used to be $ 000 million, but the Tax and Employment Cuts Act of 1 (TCJA) lowered the cap.

Real estate taxes. Another great benefit of owning a home is the ability to deduct property taxes. You can deduct up to $ 10.

Tax breaks for energy efficient upgrades. While most of the tax breaks for energy efficient upgrades to your home have disappeared, there are a couple more to look out for. You can still claim solar tax deductions - for both electrical and water heating equipment - until 2021. However, the longer you wait, the less money you get back. Here is the percentage of hardware that you can deduct based on installation time:

  • Between 1 January 2017 and 31 December 2019 - 30% of expenses are eligible for deduction
  • From January 1, 2020 to December 31, 2020 - 26%
  • From January 1, 2021 to December 31, 2021 - 22%.

8. Use Discounts To Get Solar Panels And Cut Your Electricity Bills

There is a new policy in 2021 that says homeowners living with certain zip codes are eligible for $ 1000 federal funding for solar panel installations.

When homeowners check do they meet the requirementsMany are shocked that subsidies and discounts can cover most of the costs associated with installation, greatly reducing the amount you have to pay.

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Homeowners do their own research and determine if this new program lives up to their reputation. Over and over again, many report their findings, and the most exciting part is that they can now save $ 1000 a year on their own electricity bills.

9. Want a patio? Consider using concrete instead of paving stones

Building a patio can add value to your home as well as create an enjoyable outdoor living space for you and your family. But patios can get expensive.

While many landscape designers recommend pavers over concrete because of their durability, if cost savings are more important to you, use concrete.

Now, one thing to remember about concrete is that it will eventually crack. But if you have a good concrete crew, they can make sure that cracks are minimal.

10. Grill

Here's a simple money-saving tip: Grill in the summer. When you use your stove or oven to cook food, it generates a lot of heat. And in the summer, it can make your air conditioner work harder. If you're not a grill fan, consider using a multicooker to prepare your food.

11. Protect your sockets from children, even if you don't have children

If you have an older home, the exterior walls may not be well insulated. And when you have poorly insulated walls, the holes where your power outlets are located can be areas where outside cold / heat can enter your home.

A simple solution to this problem is to install childproof plugs into any unused wall outlet. This will close the gaps and reduce the amount of air infiltrated.

12. Give your air conditioner some space

Just like we need to breathe, your air conditioner needs a place where it can get air easily. Many air conditioners are surrounded by shrubbery, which can restrict the air flow required for efficient operation. Take a few minutes on the weekend and do the following:

Trim any bushes that touch the machine to leave a clearance of at least 1 foot.

Remove debris or leaves from the ground.

If there is a lot of debris on the outside of the device clogging it, consider calling a professional to clean it up.

13. Stop buying expensive coffee

Yes, we all love the delicious Starbucks latte from time to time. Buying coffee every day is fast but also expensive.

$ 5 for a latte 5 days a week is $ 25 a week. That's $ 100 a month just for coffee.

If you make your own coffee at home, the cost of a cup will be about 30 cents. If you use a coffee maker, the cost of a cup rises to about 60 cents, but it's still much cheaper than buying.

14. New auto insurance policy

If you pay more than $ 63 per month for auto insurance, there is auto insurance comparison toolto help you check if you are overpaying. This is what every driver should do every 6 months or so to get the best deal.

Insurance companies are always in competition, but if you close your eyes and don't check anything for a long period of time, your rates can go up. By checking rates, drivers saved an average of $ 53 per year.

So do yourself a favor and do a quick comparison by filling out a small form (about 4 minutes). This is a quick way to start saving on your auto bills.

15. Veterans Get Huge Discount at Lowes

All active military and veterans are eligible for a 10% discount on all purchases at Lowe's.

To make matters even better, Lowe's is extending this offer to their spouses. Looking for new tools? How about new technology? Lowe's has a lot to offer, so take advantage of this incredible discount.

16. Born before 1986? Get $ 3 a year on your mortgage with the Federal Reserve Bank's Push Down Initiative

Many people still do not know the brilliant mortgage plan called Rate and Term Option (RaTO)that could benefit millions of Americans and cut their payments by as much as $ 3 a year.

This program has been around since 2021, but the rules may change soon. But the good news is that once you've logged in, you're already in the game. If lowering your monthly payments or paying off your mortgage faster sounds good to you, it is important that you act now.

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